Found my dream home but not sure I can even dream

[Bells3032]

So husband and I always planned to move towards the end of this year/beginning of next year. The time line was always to take into account that my husband started a new job in March and is on probation til September (and will get a nice pay rise etc) and I am waiting on some inheritance to come through as well. I currently own a flat and if/when the inheritance comes through my sister has offered to buy it off of me as i have a tenant in situ and it's a good investment. This should leave us with a budget of around £1million once all the fees and stamp duty are taken into affect with around a £40k budget left to repaint and repair anything in the house afterwards. We can put down just over £400k and will be chain free.

I have spotted a property on rightmove which I love - obv due to covid we haven't seen it yet but have spoken to the estate agent. It's not in amazing condition but it's liveable in. it does need the bathroom and kitchen redoing eventually though.

It's a divorce case and has been on the market for nearly two years. Originally listed at £1.5million and reduced last May to £1.25million. Estate agent said the husband is becoming inpatient to sell and he may consider something in the region we can afford given our position.

But still wondering if it's worth it or if we will just be laughed at. Can't stop thinking about the house but no idea if he will accept it and if it will be liveable in without spending too much on repairs.

Sigh....i am so inpatient for September.

Well, don't ask, don't get?

And you wont know about renovations etc until you have a look round.

I find it hard that someone feels they cant afford to dream with a budget of £1 million!

We live in London. One million doesn't get very far here

For 1mil I'd want move in ready and completely enjoyably liveable. A lick of paint to taste at max.

Why would you ask the Internet at large instead of the estate agent? .
How do some people get through the day without a map and a compass... 🤷🏻‍♀️

The worst they could say is no.

I find that with the more expensive homes, there is more leeway for reductions. There are homes in my london neighbourhood that were listed for 1.3 million but eventually went for a little less than a million.

Large expensive homes are a lot harder to sell as there are fewer potential buyers. In a way its different for £400K flats as there are so many more people who could afford it- first time buyers, downsizers, investors.

@Takingontheworld 1 million really doesn't go far here. As an example.

www.rightmove.co.uk/property-for-sale/property-77469226.html

I couldn't afford this, i own a 2 bed flat which is far less than half of that in the same area but there is a huge gap between a flat and a house.

@desiringonlyachild haha this is actually the areas we are looking at. Go look at new build 2 bed flats in mill hill and they'll set you back 900k easily.

Thanks for the reassurance. Think i am just worried the EA won't take me seriously and refuse to show me anything else really.

@Thisismytimetoshine i clearly stated i had spoken to the EA but they're not gonna tell it's absolutely fine and they'll take it. I just wanted to know if anyone else had had any experience of such a large drop.

I know people who've had bigger reductions. The only thing I would question is the 40k budget to redecorate, is that really enough? Do you have to receive the inheritance & sell your flat to buy though?

I find it hard that someone feels they cant afford to dream with a budget of £1 million!

Unfortunately this is true.

www.zoopla.co.uk/for-sale/details/50037537

@Bells3032 i did a lot of ridiculous offers when i was flat searching cos my £350-400K budget was really small for finchley/hendon! But the estate agents are still phoning me up to this day.

I think it should be enough. It's 2000 square feet in total and i am hopinh most of the refurb can wait a bit.

Yes unfortunately have to wait. it's with the probate office now so should be back within a few weeks. then my sis is going to buy my flat with her share. Keeping my flat means I lose 100k in equity, won't get as much mortgage and will have to pay an extra £30k in stamp duty

nothing to lose by asking

Reduced last May, a year ago?! I imagine they are trying to get shot.

We bought a house that was up for 1.1 million, then 1 million, then OIEO 900k (with the estate agent saying they wanted 950k) for 815k last year.

Also a divorce and it had been on the market over a year and was going to be repossessed (we found out later) if they didn't sell as no one was paying the mortgage.

So I think you should view it and make an offer! We offered 810k and went up to 815k (but if they had pushed would have gone up to 880k)

I’d be wary just because it’s a divorcing couple. We sold a house last year and there was a couple splitting up in the chain and it was a nightmare.

Yeah I am guessing there is a reason it hasn't sold, either bickering couple (or one half of) won't accept a penny less than asking price no matter how unrealistic that is, or something more is wrong with it than pictures reveal, but as others have said you have nothing to lose by going to view and making an offer so long as you are able to keep a level head and don't let 'falling in love'/'the dream' make you blind to the reality - be upfront about your circumstances and see where you get. If they've been trying to sell for years, they may well be fine with waiting until September to complete, searches and surveys etc. often take around 12 weeks anyway...

And lol at the posters aghast that you might have to do work/negotiate on price when you have a budget of £1mil, sadly in North London that only just buys you an average 3-4 bed semi in an average suburb in zones 3-4, if you stipulate the kind of house you imagine a 'millionaire' should live in you'll be waiting a long long time